Toukhmanuk
The Toukhmanuk Property, located in the north central Armenian belt, is Global Gold's major gold and silver project in Armenia. Global Gold acquired the property in two stages in 2005 and 2006. The Armenian Government approved new classifications of gold and silver, and in 2014, with our mine contractor a new processing plant has been delivered to increase production. An independent technical report from the Behr Dolbear firm is available on our website. The entire Toukhmanuk license area is 53.76 sq km.
Global Gold's new discovery confirms potential for a world-class gold and silver mine at Toukhmanuk. Test mining and exploration results of the No. 1 and 15 mineralized areas indicate that there are at least 18 mineralized zones within a 150 m to 200 m wide east-north east trending alteration zone in the Central Area. The mineralized zones are 5 m to 25 m wide, extend more than 300 m along strike, and extend to more than 150 m at depth. Assay results of surface sampling show values ranging from 1 g/t Au to 280 g/t Au, and from 8 g/t to 520 g/t Ag. Gold mineralization is associated with sulphide minerals, in places as distinct veins within the wider alteration zone. As of February 2009, Global Gold has tested only about 20% of the mineralized trend in the Central Area, which is interpreted to extend to more than 1.5 km along strike.
Existing infrastructure in and around the Toukhmanuk property is in good condition. Global Gold built its own international class mine laboratory and received ISO Certification to ensure quality control of test samples.
Disclaimer: To the extent that statements are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. The United States Securities and Exchange Commission (the "SEC") limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use terms such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC Industry Guide 7. Laws of foreign countries including Armenia and Chile are not consistent with SEC Industry Guide 7 regarding use of such terms. We are required to adhere to the mining laws and requirements of the countries we operate in which include developing reserves as well as exploration and mining activities pursuant to laws in the countries where we operate and to be in compliance with license requirements. We acknowledge that due to the differences in laws of the countries in which we operate and SEC Industry Guide 7, our mining activities are being reported for informational and disclosure purposes based on foreign country requirements but also that the SEC does not recognize any of our properties as having proven or probable reserves established under SEC Industry Guide 7. Under SEC Industry Guide 7, we can only state that we are in the exploration stage and have found consistencies in mineralization amongst our drilling results, even though we have foreign country approved reserves, resources, mining licenses, and sales of concentrate. U.S. investors are urged to consider closely the disclosure in our Form 10-K. You can review and obtain copies of these filings from our website or at www.sec.gov/edgar.shtml. Investors are cautioned not to assume that any part or all of mineral resources will ever be confirmed or converted to Guide 7 compliant "reserved."